KUALA LUMPUR – The Malaysian Palm Oil Board anticipates palm oil exports to rise by 0.7% to 17.5 million tonnes in 2021 compared with 17.37 million tonne in 2020.
Director-general Ahmad Parveez Ghulam Kadir listed the commodity’s export destinations as China, India, the European Union, Asean, Saudi Arabia, Africa, and the United States.
“The year 2021 is expected to bring brighter prospects for the Malaysian palm oil industry with all the key indicators projected to show better performance,” he said at the virtual Palm Oil Internet Seminar today.
He said despite experiencing various hurdles domestically and globally, the Malaysian palm oil industry has successfully adapted to the new norms.
“The crude palm oil price is expected to be firmer, averaging at RM3,000 per tonne for 2021.
“Among the factors that will contribute to it are the upcoming biodiesel programme (B20 Malaysia and B30 Indonesia, a firmer soybean oil price, and slower palm oil production growth in the first quarter of 2021,” he said.
On stocks, he said the golden crop is expected to reach two million tonnes in 2021 compared to 1.26 million tonnes in 2020, an increase of 58.7%, boosting export revenue to RM75 billion compared with RM73.25 billion in 2020, an increase of 2.4%. – Bernama, April 5, 2021
